Although it is becoming more expensive to buy or rent a home in Chula Vista, it is one of the cities with the highest demand for housing in Southern California.
Chula Vista home sales prices increased by 24.1 percent in the last year, reaching a median price of $720,000, according to data from Redfin.
The highest home prices are $980,000 per unit in southern Chula Vista. Prices continue to rise because the city of Chula Vista is highly sought after among those who want to buy a home
According to Redfin, the demand for homes for purchase in Chula Vista is 86 out of 100 points, being identified as a high demand or "very close" market. Prices are expected to continue to rise, according to Zillow.
Zillow predicts that home prices throughout San Diego County, including Chula Vista, will increase by 16.4 percent in 2022 due to rising demand and lower unit availability. According to Zillow, there is a 30 percent disparity between available units and buyers throughout the county.
Meanwhile, this week the Federal Reserve announced it could raise interest rates by four times this year, each in small increments. RentCafé reports that the average rental price in Chula Vista is $2,119 per month.
More than 50 percent of the rental units in Chula Vista ask for monthly payments above $2,000, and only 15 percent ask for monthly rents between $1,000 and $1,500, which are the cheapest now in the local market.